Of the 223 funds in the Asisa (Association for Savings and Investment SA) South Africa equity general sector, 121 recorded net outflows for the year the end of February, according to Morningstar. That is 54% of the sector.
Notably, two of the three largest funds in this category saw net outflows of more than R1 billion over this period.
However, a handful of funds also recorded significant net inflows over this period. Most notably, the Prudential SA Equity fund took in R12.3 billion. This was mostly the result of a single reallocation, but the fund is now the second largest equity unit trust in the country at R36.6 billion.
The top-performing 36ONE BCI Equity fund and Fairtree Equity Prescient fund also both continued to take in additional flows. The 36ONE BCI Equity fund grew by 33.6% over the year, taking in R646 of new money. The Fairtree Equity Prescient fund recorded net inflows of R469 million and is now South Africa’s fourth largest equity unit trust at R20.4 billion.
It is also notable that the Momentum Value Equity fund saw net inflows of R701 million for the period. This represents nearly 70% growth in AUM for this portfolio.
To see the full list of the 10 local equity funds with the highest inflows over the past year, scroll through the slides.
Patrick Cairns is South Africa Editor at Citywire, which provides insights and information for professional investors globally.
This article was first published on Citywire South Africa here, and republished with permission.