There is a rather tired debate in the investment world about the merits of paying a fund manager to look after your money instead of investing in a low-cost index. This is not a column about that — I believe in the merits of fund managers and indexed investments.

However, I have changed my view on paying fund managers to buy shares on the JSE. Good SA active managers can add value in balanced funds, cautious funds and offshore portfolios, but I have serious concerns about equity-only active funds in SA.

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