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...

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