Allan Gray topped the Morningstar SA Rating Analysis of unit trusts for the third quarter that compares funds’ risk-adjusted returns over three, five and 10 years to end-September 2016. The report, Morningstar’s second quarterly one for SA, indicates that large asset managers can outperform smaller peers, despite the suggestion that smaller managers are more nimble and better able to take advantage of market moves. Investment companies housed within large life insurers, on the other hand, performed poorly relative to peers, based on the report’s findings. In order to be included in the ratings, an asset manager must manage at least R5bn in assets and have at least three retail funds with a three-year track record. Allan Gray topped the overall-weighted and asset-weighted ratings among 22 asset managers. The latter gives more weighting to larger funds in an asset manager’s portfolio, while the overall-weighted ranking indicates the average quality of the overall fund range. Foord Uni...
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