South African asset managers are divided on the merits of including Naspers in retirement-scheme portfolios. Although for most the answer is "yes", there is division on the level of exposure, ultimately leaving trustees with the burden of making this complex decision. Trustees are not typically involved in selecting shares for their members’ portfolios (they outsource this to asset managers), but because Naspers has such a heavy weighting in the FTSE/JSE All-Share Index, some managers have been referring back to trustees for their view on how it should be handled. Certainly, with its substantial exposure to global tech and to China through Tencent, Naspers has provided a unique opportunity to grow pensioner wealth. Over 10 years, from 2007 to 2017, R100m would have increased to R2.3bn, a return of 23 times. Xiaogang Zhang, portfolio manager at Greenwoods Asset Management, one of the largest Chinese fund managers specialising in Chinese equity funds, believes there is plenty of evide...

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