ASSET MANAGERS
Absa Asset Management is sticking by its Resilient positions – for now
Despite a disastrous January in the performance tables, Absa Asset Management is sticking by its Resilient positions – for now. Fund manager Fayyaz Mottiar, who scooped the Raging Bull award for the performance of the Absa Property Equity Fund over the past three years — thanks in part to his backing of the Resilient group of companies (Resilient, Fortress, Greenbay and Nepi Rockcastle) — says "the longer-term performance of the fund needs to be taken into account as the investment horizon for any investment we make is much longer than six to eight weeks". The first eight weeks of 2018 have been brutal, however. For January, the SA Listed Property Index posted a return of -9.91%, due largely to Resilient’s fall of 21%, Fortress B’s drop of 27% and Greenbay’s 29% slide. That selling continued into February and Resilient has now shed 51% in the year to date. Fortress B has lost 61%, Greenbay 47% and Nepi Rockcastle 42%. Figures released by Glacier two weeks ago show the Absa Property ...
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