October 18 2014 at 06:10pm
PFIllustration: Colin Daniel
PSG Asset Management has broken Allan Gray’s “monopoly” as the second-best manager of domestic collective investment schemes, while Coronation Fund Managers retained its top position in the PlexCrown survey for the quarter to September 30.
The survey rates collective investment scheme management companies based on the risk-adjusted performance of their funds across all the collective investment sectors over periods of three and five years.
Allan Gray was ranked the top management company for 16 consecutive quarters until September 30, 2012. Coronation knocked Allan Gray off its throne in the last quarter of 2012, and it has taken first position in each quarter since then, except when Allan Gray briefly stole its crown in the three months to September 30, 2013.
Coronation had the highest management company rating of 4.367 PlexCrowns among the 18 asset managers that qualified for an overall ranking (see table). It had assets under management of R576 billion at the end of June, while Allan Gray’s assets under management at September 30 were R465 billion.
Coronation had the second-highest rating of 4.992 PlexCrowns, behind Community Growth, in the broad South African interest-bearing sector, where 22 companies qualified for a rating.
It had the third-highest rating of 4.815 PlexCrowns, behind Ashburton and Rezco, in the broad South African multi-asset non-income sector, where 27 companies qualified for a rating.
Coronation’s overall rating was also supported by its having the seventh-highest weighted average rating of 3.846 PlexCrowns in the broad rand-denominated global and worldwide sector, and the seventh-highest rating of 3.428 PlexCrowns in the broad South African equity and real estate sector.
Fourteen of Coronation’s 17 funds that qualified for a PlexCrown rating received an above-average rating of four or five PlexCrowns. Nine of them were in the top three slots in their sub-categories. Coronation’s Industrial Fund (South African equity industrial), Jibar Plus Fund (South African interest-bearing short term) and Strategic Income Fund (South African multi-asset income) were in first position in their respective sub-categories.
Runner-up PSG received an overall rating of 3.969.
PSG, with R46.8bn in assets under management on September 30, qualified to be included in the overall management company rankings in the second quarter of 2013, when it debuted in fifth position. Thereafter, PSG and Nedgroup Investments duelled over third position.
PSG was runner-up to Foord in the broad South African equity and real estate sector, with a weighted average rating of 4.367 PlexCrowns. It was ranked sixth in the broad South African multi-asset non-income sector, with 4.133 PlexCrowns, and seventh in the broad South African interest-bearing and income sector, with 3.921 PlexCrowns.
Nine of PSG’s 11 funds that qualified for a rating had an above-average rating of four or five PlexCrowns. The following funds were awarded four PlexCrowns: PSG Multi-Management Equity Fund of Funds, PSG Wealth Creator Fund of Funds, the Flexible Fund, PSG Wealth Moderate Fund of Funds, Optimal Income Fund, PSG Wealth Income Fund of Funds and PSG Wealth Preserver Fund of Funds.
PSG’s Equity Fund and Balanced Fund achieved five PlexCrowns each.
Third-placed Allan Gray had a rating of 3.898.
Allan Gray shared the third-highest rating of 4.000 PlexCrowns in the broad South African equity and real estate sector with Ashburton. It shared fourth place, again with Ashburton, in the broad South African interest-bearing sector, with 4.000 PlexCrowns.
Allan Gray also shared fourth place, with 4.000 PlexCrowns, in the global and worldwide sector with Discovery.
Allan Gray was ranked 11th in the broad South African multi-asset non-income sector, with 3.708 PlexCrowns.
Four of Allan Gray’s six funds that qualify for a rating achieved a rating of four PlexCrowns. These were: the Allan Gray-Orbis Global Equity Feeder Fund, the Allan Gray Equity Fund, Bond Fund and Balanced Fund.
OFFSHORE MANAGERS
PlexCrown also rates offshore funds registered with the Financial Services Board as funds that can be marketed in South Africa. Thirteen managers qualified for an overall rating.
Oasis was the leading manager of foreign collective investment schemes in the quarter to the end of September, with an overall rating of 4.500 PlexCrowns. It was also in first place at the end of the second quarter.
Lloyds was the runner-up, with 4.222 PlexCrowns, and Investec was in third place, with 3.875 PlexCrowns.
Oasis had the third-highest rating in the broad offshore equity and real estate sector.
All three of its funds that qualified for a rating achieved above-average ratings of four or more PlexCrowns. The Oasis Crescent Global Property Equity Fund, with five PlexCrowns, was the leading fund in the global real estate sector. The Oasis Crescent Global Equity Fund (Ireland) and the Oasis Global Equity Fund (Ireland) received four PlexCrowns each.
THE PLEXCROWN RATING SYSTEM
PlexCrown Fund Ratings assigns each qualifying fund a rating of one to five PlexCrowns based on its performance on four or five different risk measures over periods of up to five years. The ratings are used to determine the average scores of each manager in each unit trust sector, with each fund’s rating weighted according to the size of the fund relative to all the manager’s funds.
These scores, in turn, determine an overall score for each manager in four broad fund sectors: South African equity and real estate, South African interest-bearing, South African multi asset, and global and worldwide. Fund scores are weighted in line with their size relative to the manager’s total assets under management.
An average score for the management of funds invested in the local market is determined from the average scores in the three sectors for local market funds, while an overall rating is determined from the scores for all four sectors, with sectors with more assets accorded higher weightings.
PlexCrown ranking of management companies
to September 30, 2014
Domestic companies
1. Coronation 4.367
2. PSG 3.969
3. Allan Gray 3.898
4. Nedgroup Investments 3.797
5. Prudential 3.596
6. Absa 3.581
7. Old Mutual 3.197
8. Investment Solutions 3.163
9. Sanlam Inv. Management 3.107
10. Marriott 3.065
11. Oasis 3.020
12. Momentum 2.843
13. Investec 2.763
14. Prescient 2.665
15. Discovery 2.583
16. Stanlib 2.577
17. Grindrod 2.092
Offshore companies
1. Oasis 4.500
2. Lloyds 4.222
3. Investec 3.875
4. Nedgroup Investments Int. 3.750
5. Stanlib 3.557
6. Investment Solutions 3.500
6. Orbis 3.500
8. Momentum 3.000
8. PSG 3.000
10. Franklin Templeton 2.808
11. Ashburton 2.333
12. Marriott 2.250
13. M&G 2.000
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