STEPHEN CRANSTON: Fund managers in pound seats as local focus offers rich pickings
PSG Balanced, which took a bet on SA listed property, was the best quarterly performer
Those fund managers who believed they should focus offshore were caught out recently.
Over the three months to January 31 the JSE all share index returned 21.2%, but partly because of a stronger rand the MSCI World Index lagged with a 7.9% rand return, and the World Government Bond index actually fell, by 5.8%. And within equities the Small Cap index was up an impressive 26.5% — though it is still down 5.4% a year over three years. The Mid Cap index had been a catastrophic performer but was much in line with the overall index at 20.4%. Even so, it is still down 9.3% over the past 12 months...