SA investors chose the safety of money market funds in the second quarter, even as the Reserve Bank cut interest rates to record lows, and potentially lost out on the rally in the JSE fuelled by monetary and fiscal stimulus.

In a record period for collective investment schemes such as unit trusts, they had R88bn of net inflows in the three months to June, according to data from the Association for Savings & Investment SA (Asisa). That brought inflows for the first six months of 2020 to R111bn. Collective investment schemes allow investors to pool money to be invested in assets such as equities and bonds...

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