It is useful to take stock of fund performance at the half-year stage, particularly now with the economy so much weaker than expected.

The high-equity balanced category is a fair place to examine fund manager skill. While a general equity fund needs to be invested at least 80% in equities through thick and thin, balanced funds can use the full toolbox of asset classes, including bonds and property and up to 30% in foreign assets. Over six months, the balanced category has seen a modest decline of 1%, which will surprise most of us who have lived through the continuous bad news of the coronavirus. The decline of the rand has helped boost the offshore portion...

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