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Allan Gray stays top in latest PlexCrown Survey

While Marriott makes the biggest gains.

CAPE TOWN – In its most recent survey of the local unit trust industry, PlexCrown has again named Allan Gray as the top collective investment scheme (CIS) management company in the country. The latest ratings take into account performance up to June 30 2016.

PlexCrown’s ratings are based on risk-adjusted performance, meaning it is not just absolute returns that are measured, but the return generated per unit of risk taken. This aims to give a more balanced view of manager skill.

The table below lists the ten top CIS management companies based on their entire rand-denominated range:

Top 10 CIS management companies at June 30 2016

Company

PlexCrowns

Allan Gray

4.301

Nedgroup Investments

3.909

Marriott

3.743

Coronation

3.616

Prudential

3.596

Investec

3.533

PSG

3.254

Momentum

3.193

Absa

3.128

Sanlam Investment Management

3.102

Source: PlexCrown Survey Q2 2016

Apart from the sizeable advantage that the survey gave to Allan Gray over its competitors, the most notable thing on the table is the third place given to Marriott. The company was ranked 11th at the end of 2015, and has earned a sharp improvement in its rating in the first half of the year, to the extent that it has now moved past perennial top-achiever, Coronation.

Marriott’s particular strength has been in its offshore offering, but locally the Dividend Growth Fund in the South Africa general equity category and its Balanced Fund of Funds in the South Africa multi-asset high equity category also earned the highest rating of five PlexCrowns.

To make this overall ranking list, companies must have at least one rated fund in each of PlexCrown’s broad categories, which means that two notable firms were excluded. These were Ashburton and Foord.

Ashburton was rated second behind Allan Gray in the overall South African ratings, which excludes all offshore funds. It was rated the top company for South African multi-asset non-income offerings, and joint third in the broad South African Equity & Real Estate category.

Foord shared third spot in the broad South African Equity & Real Estate Category, and fifth in the broad Global and Worldwide category.

The top five management companies in each of the broad PlexCrown categories are shown below:

Rand-denominated Global & Worldwide

Company

PlexCrowns

Old Mutual

4.905

Marriott

4.304

Allan Gray

4.283

Oasis

4.240

Foord

4.000

Grindrod

4.000

Source: PlexCrown Survey Q2 2016

SA Equity & Real Estate

Company

PlexCrowns

IP

5.000

Marriott

4.675

Allan Gray

4.000

Ashburton

4.000

Foord

4.000

Met CI

4.000

Sanlam

4.000

Source: PlexCrown Survey Q2 2016

SA Interest Bearing & Income

Company

PlexCrowns

Coronation

5.000

Prescient

4.417

Nedgroup Investments

4.326

Allan Gray

4.000

Community Growth

4.000

Oasis

4.000

Source: PlexCrown Survey Q2 2016

SA Multi Asset Non-Income

Company

PlexCrowns

Ashburton

5.000

Investec

4.822

Allan Gray

4.738

Prudential

4.737

Personal Trust

4.586

Source: PlexCrown Survey Q2 2016

The top third-party managers

PlexCrown also provided category rankings for managers who manage third-party, or white-labelled funds. Most of these managers have only a limited fund range and most of the ratings are therefore based on a single fund.

There is also only one manager that qualifies for an overall rating. As this doesn’t allow for any comparison, it is not included.

The top third-party managers in each of the broad PlexCrown categories are shown below. Only those companies that are both within the top five of the category and have a PlexCrown rating of four or more are shown:

Rand-denominated Global & Worldwide

Company

PlexCrowns

Select Manager

4.000

Source: PlexCrown Survey Q2 2016

SA Equity & Real Estate

Company

PlexCrowns

Harvard House

5.000

Imara

5.000

Mazi Capital

5.000

Mergence

5.000

Truffle

5.000

Source: PlexCrown Survey Q2 2016

SA Interest Bearing & Income

Company

PlexCrowns

FirstGlobal

4.000

Harvard House

4.000

Source: PlexCrown Survey Q2 2016

SA Multi Asset Non-Income

Company

PlexCrowns

36ONE

5.000

Bateleur

5.000

Centaur

5.000

Truffle

5.000

Platinum

4.704

Source: PlexCrown Survey Q2 2016

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This survey can’t be legitimate while a manager like Foord is not included…most managers would drop a place if they were included!

Patrick did clearly indicate why Foord and Ashburton are not in the list. Just as Allan Gray performance picked up well in the last year PSG and Foord slipped. They remain great management companies.

I read that. I think he needs to question the methodology a bit more. Have fees been considered in these numbers? Are they excluding index tracking funds? How do they treat funds that have re-mandated and lost their long term track records? Etc

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