Are you one of the many SA investors who has reduced their long-term investment portfolio’s exposure to local equities in the past three years due to their poor performance? Perhaps you have switched from equities to cash or put all your new money into “low-risk” cash investments?

If so, you may be pleased with your decision in the short term, since cash investments have returned 7.4% per annum for the three years to August 31 (as measured by the STeFI Index), while the FTSE/JSE All Share Index (Alsi) has returned only 4.7% per annum over the same period.

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