Stephen Cranston Writer & columnist

There was a memorable moment at a past Raging Bulls, the splashier of the two unit-trust awards functions in SA. The Treasury’s Ismail Momoniat criticised the organisers for refusing to let index fund providers compete. He said the lower fees of index funds would make them more affordable than active funds to new investors in equities.

The argument from the Bull organisers was that the awards celebrate the craft of active management. The Morningstar awards, which were previously known by such catchy names as the Standard & Poor’s Micropal awards, take a very different view. All funds that are registered for sale in SA qualify. They don’t even make a distinction between rand-denominated funds and section 65 funds, which are based in other currencies, usually US dollars, of course. And exchange-traded funds, which after all are collective investments too, are also included...

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