January 27 2011 at 10:00am
Source: IOL Best unit trust funds in SA 2011
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The Raging Bull Awards 2011, which recognised the country’s top-performing unit trust funds for 2010, took place at The Wanderers Club in Johannesburg last night. And the winners are ...
AWARD WINNERS
TOP MANAGEMENT COMPANIES OF THE YEAR
The unit trust management companies with the most impressive and most consistent overall performance across their suites of funds, taking into account all factors (performance, risk management and consistency).
Methodology: The award is based on the highest average PlexCrown rating for the suite of funds managed by each management company. Passive funds and funds in non-ranked sectors (for example, varied specialist sectors) are not taken into account.
Domestic Management Company of the Year: ALLAN GRAY
The South African-domiciled management company with the best overall performance across unit trust sectors that consist of a suite of five or more rand-denominated funds with at least three years’ history.
Certificate for Second-best Domestic Management Company: NEDGROUP INVESTMENTS
Certificate for Third-best Domestic Management Company: PRUDENTIAL
Offshore Management Company of the Year: INVESTEC
The overseas-domiciled management company with the best overall performance across unit trust sectors that consist of a suite of five or more non-rand-denominated funds with at least three years’ history.
TOP OUTRIGHT PERFORMERS
The top performers to December 2010 on a straight performance basis in asset- and sector-specific Asisa categories (including the main asset allocation sectors).
Methodology: Funds are ranked on a three-year lump sum NAV to NAV basis (in other words, entry costs are not taken into account), with income distributions reinvested at the ex-dividend date). Calculations by ProfileData.
Best Broad-based Domestic Equity Fund: MARRIOTT DIVIDEND GROWTH FUND
The fund with the highest ProfileData total investment return ranking over three years in the Asisa domestic equity general, value and growth sectors.
Best Domestic Fixed-Interest Fund: NEDGROUP INVESTMENTS BOND FUND (A class)
The fund with the highest ProfileData total investment return ranking over three years in the Asisa domestic fixed-interest bond and income sectors.
Best Foreign (South African-domiciled) Equity Fund: ALLAN GRAY-ORBIS GLOBAL EQUITY FEEDER FUND
The fund with the highest ProfileData total investment return ranking over three years in the Asisa foreign equity general sector.
Best Offshore Global Equity Fund: RE:CM GLOBAL FUND
The fund with the highest ProfileData total investment return ranking over three years in ProfileData’s offshore global equity general sector.
TOP RISK-ADJUSTED PERFORMERS
Top performers to December 2010 on a risk-adjusted basis in the asset allocation and real estate sectors, plus the largest other Asisa unit trust sectors based on market capitalisation. The PlexCrown system, which incorporates risk-adjusted returns and consistency of performance, is used to rank funds for these awards.
Methodology: The PlexCrown system combines risk-adjusted returns based on performance statistics from ProfileData with standard risk measures, consistency measures, and measures of downside risk and managerial skill. Performance over five- and three-year periods is taken into account.
Best Domestic Asset Allocation Flexible Fund: PSG FLEXIBLE FUND
The fund with the highest PlexCrown rating over five years in the Asisa domestic asset allocation flexible sector.
Best Domestic Asset Allocation Prudential Fund: DOTPORT STABLE PRUDENTIAL FUND OF FUNDS
The fund with the highest PlexCrown rating over five years in the Asisa domestic asset allocation prudential high equity, medium equity, low equity and variable equity sectors.
Best Domestic General Equity Fund: ABSA SELECT EQUITY FUND
The fund with the highest PlexCrown rating over five years in the Asisa domestic equity general sector.
Best Offshore Global Asset Allocation Fund: ASHBURTON REPLICA EURO ASSET MANAGEMENT FUND
The fund with the highest PlexCrown rating in ProfileData’s offshore global asset allocation flexible and prudential sectors.
CERTIFICATE WINNERS
TOP OUTRIGHT PERFORMERS OVER THREE YEARS
DOMESTIC FUNDS
Best Domestic Equity General Fund: MARRIOTT DIVIDEND GROWTH FUND
Best Domestic Equity Growth Fund: RMB STRATEGIC OPPORTUNITIES FUND (A class)
Best Domestic Equity Industrial Fund: CORONATION INDUSTRIAL FUND
Best Domestic Equity Financial Fund: CORONATION FINANCIAL FUND
Best Domestic Equity Resources and Basic Industries Fund: OLD MUTUAL MINING AND RESOURCES FUND (A class)
Best Domestic Equity Smaller Companies Fund: RMB SMALL MID-CAP FUND
Best Domestic Equity Value Fund: NEDGROUP INVESTMENTS VALUE FUND (A class)
Best Domestic Asset Allocation Flexible Fund: PSG FLEXIBLE FUND
Best Domestic Asset Allocation Prudential Fund: CORONATION BALANCED DEFENSIVE FUND
(Includes the prudential high equity, medium equity, low equity and variable equity sectors)
Best Domestic Fixed-Interest Bond Fund: NEDGROUP INVESTMENTS BOND FUND
Best Domestic Fixed-Interest Income Fund: STANLIB INCOME FUND
Best Domestic Real Estate Fund: DISCOVERY FLEXIBLE PROPERTY FUND
FOREIGN FUNDS
Best Foreign Fixed-Interest Bond Fund: CORIS CAPITAL INTERNATIONAL BOND FEEDER FUND
Best Offshore Europe Equity General Fund: FRANKLIN EUROPEAN GROWTH FUND
Best Offshore Far East Equity General Fund: ORBIS SICAV ASIA EX-JAPAN EQUITY FUND
Best Offshore USA Equity General Fund: FRANKLIN US OPPORTUNITIES FUND
Best Offshore Global Fixed-Interest Bond Fund: INVESTEC GSF GLOBAL BOND FUND
TOP RISK-ADJUSTED PERFORMERS OVER FIVE YEARS
DOMESTIC FUNDS
Best Worldwide Asset Allocation Flexible Fund: FLAGSHIP IP WORLDWIDE FLEXIBLE FUND OF FUNDS
Best Foreign Asset Allocation Flexible Fund: ALLAN GRAY-ORBIS GLOBAL FUND OF FUNDS
Best Domestic Asset Allocation Prudential Medium Equity Fund: ABSA BALANCED FUND (A class)
Best Domestic Asset Allocation Prudential Low Equity Fund: METROPOLITAN ODYSSEY CONSERVATIVE FUND OF FUNDS
Best Domestic Asset Allocation Prudential Variable Equity Fund: DOTPORT STABLE PRUDENTIAL FUND OF FUNDS
Best Domestic Fixed-Interest Bond Fund: NEDGROUP INVESTMENTS BOND FUND (A class)
Best Foreign Equity General Fund: ALLAN GRAY-ORBIS GLOBAL EQUITY FEEDER FUND
Best Real Estate Fund: STANLIB PROPERTY INCOME FUND
(The fund with the highest PlexCrown rating over five years in the Asisa domestic real estate general sector)
FOREIGN FUNDS
Best Offshore Global Fixed-Interest Bond Fund: INVESTEC GSF GLOBAL BOND FUND
Best Offshore Global Equity Fund: FRANKLIN GLOBAL SMALL-MID CAP GROWTH FUND
Source: ProfileData
Monday, April 11, 2011
Tuesday, February 8, 2011
Rand Gold Price set to run
I have just analysed the rand gold price chart for the last five years. It has been on an upward trend, and more significantly, it has been trading in a rising wedge, and close to the end of it, with signs of breaking out. A longer-term target of probably around R150 if trading NewGold ETF.
Saturday, February 5, 2011
Allan Gray again tops the PlexCrown survey
According to the latest PlexCrown survey for the quarter 31 December 2010, Allan Gray is again the 1st ranked domestic CIS Manager, with a rating of 4.625. This is despite its relative poor performance in 2010.
The PlexCrown Survey measures the fund managers' long-term performance in terms of consistency and risks taken.
The PlexCrown domestic CIS manager ranking - overall is as follows:
CIS MANAGER Weighted Average Rank
Allan Gray 4.625 1
Nedgroup Investments 3.875 2
Prudential 3.792 3
Coronation 3.458 4
Oasis 3.292 5
Investment Solutions 3.250 6
RMB 3.242 7
Old Mutual 3.075 8
STANLIB 2.972 9
Investec 2.902 10
STANLIB MultiM 2.500 11
Absa 2.150 12
For more, visit http://www.plexcrown.co.za/.
The PlexCrown Survey measures the fund managers' long-term performance in terms of consistency and risks taken.
The PlexCrown domestic CIS manager ranking - overall is as follows:
CIS MANAGER Weighted Average Rank
Allan Gray 4.625 1
Nedgroup Investments 3.875 2
Prudential 3.792 3
Coronation 3.458 4
Oasis 3.292 5
Investment Solutions 3.250 6
RMB 3.242 7
Old Mutual 3.075 8
STANLIB 2.972 9
Investec 2.902 10
STANLIB MultiM 2.500 11
Absa 2.150 12
For more, visit http://www.plexcrown.co.za/.
Tuesday, January 25, 2011
Our yearly model portfolio for 2011
As is our custom, we publish our yearly model portfolio for 2011. This is the first time we introduce foreign companies into the portfolio, as these two tech giants, Apple and Samsung, offer growth opportunities and cannot be ignored. The share price is in South African Rand (ZAR), in cents.
| Name | Weighting | Share price |
| Apple | 6% | 214033.72 |
| Ellies | 10% | 220 |
| Grindrod | 10% | 1895 |
| Metorex | 8% | 524 |
| Pinnacle | 10% | 683 |
| Samsung | 8% | 557637.18 |
| Sasol | 10% | 34628 |
| South Ocean | 10% | 235 |
| Steinhoff | 8% | 2450 |
| Value | 8% | 390 |
| WBHO | 6% | 13900 |
| Wescoal | 6% | 120 |
Wednesday, December 1, 2010
Discovery Equity Fund first in its sector
Discovery Invest is a new kid on the block, launched and entered the investment world three years ago. However, the performance of its range of unit trusts has been credible, if not outstanding. The Discovery funds are managed by Investec, and many of these funds perform better than Investec's own funds.
Discovery's Equity Fund is first in the General Equity Fund sector over three years, which is quite an achievement considering threre are 72 funds in the sector. It also performs much better than Investec Equity Fund, which is near the bottom of the ranking. Are Investec's best people actually working for Discovery rather than for Investec?!
Click the link below for a report on Discovery Equity Fund. It's a good start, hopefully this fund can continue with its winning way.
http://daberistic.com/Documents/101130_discovery_equity_funds_three_year_performance.pdf
Discovery's Equity Fund is first in the General Equity Fund sector over three years, which is quite an achievement considering threre are 72 funds in the sector. It also performs much better than Investec Equity Fund, which is near the bottom of the ranking. Are Investec's best people actually working for Discovery rather than for Investec?!
Click the link below for a report on Discovery Equity Fund. It's a good start, hopefully this fund can continue with its winning way.
http://daberistic.com/Documents/101130_discovery_equity_funds_three_year_performance.pdf
Friday, August 27, 2010
Ballooning state wage bill ‘unsustainable’
This is a worrying trend, investors should continue to monitor this development, as this will have an impact on the future economic growth of South Africa.
Bank figures suggest salaries have been increasing by 6,5% above inflation, writes Tim Cohen
Tim Cohen
Published: 2010/08/20 06:46:21 AM
RESERVE Bank figures suggest the public sector wage bill has been increasing by 6,5% above inflation every year for the past eight years, a progression which economists suggest is unsustainable and which may be “crowding out” other longer-term investments.
The figures suggest a runaway aspect to public finances and substantially weaken the case of public sector trade unions in the current strike. They also suggest why the government is taking a harder line against strikers, as the public sector wage bill growth threatens to become unsustainable.
The figures also show the effect of the occupation-specific dispensation, which has taken total public sector salary bill increases to extraordinary levels despite an economic downturn.
At the national level, the public sector wage bill has increased by 8,4%, 11,4%, 10,1%, 9,2%, 13,1%, 12,1% and 18,7% per year between 2002 and this year . The total wage bill has increased from R140bn in 2002-03 to R322bn in 2009-10, an average increase of 10,38%.
The data, drawn from the Reserve Bank Quarterly Bulletins, do not reflect the actual increases of individual public servants since they constitute the total figure, which includes increases in the total number of public servants.
However, the bulletins also show provincial expenditure on public sector wages, which in some ways demonstrates more accurately the actual increases earned by public servants. They do so because these numbers reflect expenditure on mainly teachers and health workers, the constitutionally delegated functions of provincial government. Hence, they do not include expenditure on the wages of ancillary state institutions like the Council for Scientific and Industrial Research.
At the provincial level, the increases were between 8% and 10% until 2006-07, after which they exploded. From then , the increases were 14,9%, 21% and 17,8% in each following year.
The 21% increase in 2008-09 shows the effect of the “occupation- specific dispensation” which effectively provided a huge boost to public sector wages.
When the whole period is considered, both national and provincial figures translate into average real increases of 5,62% and 6,54% per year for the past seven years.
This longer-term data is corroborated by more recent Statistics SA (Stats SA) figures, which show the real increase per public sector worker was 10,7% in the fourth quarter of last year, on a seasonally adjusted basis.
Standard Bank economist Danelee van Dyk says the overall trend is “worrying”.
“We are dealing with a confluence of different factors.” These included affordability and the effect on the economy and investment.
While public sector wage increases per worker were about 10,7%, the most recent data suggest the same figure for private sector employees was only 0,5%.
At a time of global uncertainty, investors are seeking a good quality investment environment and the increases do not bode well for its creation, Ms van Dyk says.
On the other hand, it was clear that the public service was picking up some of the employment burden caused by the economic downturn, thereby supporting the economy.
Stats SA’s figures show the public sector increased its formal workforce by 695000 jobs since the start of the economic downswing. The average quarterly increase was about 80000 jobs compared to the previous year.
However, in the first quarter of this year, it had already declined to 42000, she says.
The public sector does indeed make a positive contribution to personal disposable income in the economy, given that it employs 27% of the workforce, she says.
A breakdown of Stats SA figures also shows that the share of total public sector employment is fast catching up to its share of gross earnings. The public sector earns about 33% of the gross earnings of formally employed people in the economy. Thus, its proportion of the total earnings pie is roughly the same as the proportional number of jobs in the sector.
However, Ms van Dyk says this is not as benign as it seems. The sectors where there is a large share of employment — for example, the wholesale and retail trade sector — had a lower share of gross earnings, suggesting that the individuals in this sector were predominantly lower paid.
This may reflect the skills bias in these sectors, and this probably explains why salaries in the financial sector were higher.
Yet most jobs in the public sector did not require highly skilled workers . “I cannot justify the fact that the public sector is earning a third of gross earnings in the economy,” she says.
Source: Business Day
Bank figures suggest salaries have been increasing by 6,5% above inflation, writes Tim Cohen
Tim Cohen
Published: 2010/08/20 06:46:21 AM
RESERVE Bank figures suggest the public sector wage bill has been increasing by 6,5% above inflation every year for the past eight years, a progression which economists suggest is unsustainable and which may be “crowding out” other longer-term investments.
The figures suggest a runaway aspect to public finances and substantially weaken the case of public sector trade unions in the current strike. They also suggest why the government is taking a harder line against strikers, as the public sector wage bill growth threatens to become unsustainable.
The figures also show the effect of the occupation-specific dispensation, which has taken total public sector salary bill increases to extraordinary levels despite an economic downturn.
At the national level, the public sector wage bill has increased by 8,4%, 11,4%, 10,1%, 9,2%, 13,1%, 12,1% and 18,7% per year between 2002 and this year . The total wage bill has increased from R140bn in 2002-03 to R322bn in 2009-10, an average increase of 10,38%.
The data, drawn from the Reserve Bank Quarterly Bulletins, do not reflect the actual increases of individual public servants since they constitute the total figure, which includes increases in the total number of public servants.
However, the bulletins also show provincial expenditure on public sector wages, which in some ways demonstrates more accurately the actual increases earned by public servants. They do so because these numbers reflect expenditure on mainly teachers and health workers, the constitutionally delegated functions of provincial government. Hence, they do not include expenditure on the wages of ancillary state institutions like the Council for Scientific and Industrial Research.
At the provincial level, the increases were between 8% and 10% until 2006-07, after which they exploded. From then , the increases were 14,9%, 21% and 17,8% in each following year.
The 21% increase in 2008-09 shows the effect of the “occupation- specific dispensation” which effectively provided a huge boost to public sector wages.
When the whole period is considered, both national and provincial figures translate into average real increases of 5,62% and 6,54% per year for the past seven years.
This longer-term data is corroborated by more recent Statistics SA (Stats SA) figures, which show the real increase per public sector worker was 10,7% in the fourth quarter of last year, on a seasonally adjusted basis.
Standard Bank economist Danelee van Dyk says the overall trend is “worrying”.
“We are dealing with a confluence of different factors.” These included affordability and the effect on the economy and investment.
While public sector wage increases per worker were about 10,7%, the most recent data suggest the same figure for private sector employees was only 0,5%.
At a time of global uncertainty, investors are seeking a good quality investment environment and the increases do not bode well for its creation, Ms van Dyk says.
On the other hand, it was clear that the public service was picking up some of the employment burden caused by the economic downturn, thereby supporting the economy.
Stats SA’s figures show the public sector increased its formal workforce by 695000 jobs since the start of the economic downswing. The average quarterly increase was about 80000 jobs compared to the previous year.
However, in the first quarter of this year, it had already declined to 42000, she says.
The public sector does indeed make a positive contribution to personal disposable income in the economy, given that it employs 27% of the workforce, she says.
A breakdown of Stats SA figures also shows that the share of total public sector employment is fast catching up to its share of gross earnings. The public sector earns about 33% of the gross earnings of formally employed people in the economy. Thus, its proportion of the total earnings pie is roughly the same as the proportional number of jobs in the sector.
However, Ms van Dyk says this is not as benign as it seems. The sectors where there is a large share of employment — for example, the wholesale and retail trade sector — had a lower share of gross earnings, suggesting that the individuals in this sector were predominantly lower paid.
This may reflect the skills bias in these sectors, and this probably explains why salaries in the financial sector were higher.
Yet most jobs in the public sector did not require highly skilled workers . “I cannot justify the fact that the public sector is earning a third of gross earnings in the economy,” she says.
Source: Business Day
Sunday, June 20, 2010
Dividends vital in boosting returns on equities
The returns you earn from long-term investments in the share market are influenced by three factors, but of the three the compounding effect of the reinvestment of the dividends you earn is the most important, two asset managers say.
While you, or your asset manager, can boost your returns by looking for undervalued shares and those likely to show good growth in earnings (profits) - the two other factors that influence your returns - your best bet is to seek out shares able to pay good sustainable dividends or a fund manager who will do it for you, research by asset managers shows.
Your returns on your equity investments are made up of the dividends you earn from the shares and the change in the share price.
Asset managers say the change in the price of a share is the result of growth in the listed company's earnings (its taxed profits) and the change in the way the market values those earnings. The way the market values earnings is measured by the price-to-earnings (PE) ratio - the price of the share divided by the company's earnings per share.
To read more, click http://bit.ly/caUFO8
While you, or your asset manager, can boost your returns by looking for undervalued shares and those likely to show good growth in earnings (profits) - the two other factors that influence your returns - your best bet is to seek out shares able to pay good sustainable dividends or a fund manager who will do it for you, research by asset managers shows.
Your returns on your equity investments are made up of the dividends you earn from the shares and the change in the share price.
Asset managers say the change in the price of a share is the result of growth in the listed company's earnings (its taxed profits) and the change in the way the market values those earnings. The way the market values earnings is measured by the price-to-earnings (PE) ratio - the price of the share divided by the company's earnings per share.
To read more, click http://bit.ly/caUFO8
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