2019/05/28 00:00:00

Quarterly Commentary
This is a multi-managed fund of funds with active manager selection. The managers in the portfolio are skilled stock pickers, each with a distinct approach to alpha generation, offering style diversification. The South African equity market gained 3.9% this quarter, tracking global stock markets higher. PPS Equity outperformed its benchmark comfortably over the period, while also outpacing the ASISA General Equity category average. Economically sensitive sectors drove the market this quarter, with resource stocks performing particularly strongly, benefitting from higher commodity prices. Large cap industrials also rebounded strongly after their fourth quarter selloff, while financials on the other hand treaded water.
PPS Equity has outperformed its benchmark over one and three years, but underperformed over its most recent seven-year investment horizon. The fund has performed roughly in line with its peer group category average over the long term. There were no manager changes during the quarter.