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There was a time when the choice of global equity funds was limited to the large SA houses. Allan Gray’s sister company Orbis had a dominant market share, even though its style is far from mainstream and often eccentric. Investec Guinness Flight, now Ninety One, built up its reputation slowly, though it earned school fees from fad funds such as the Wired Index Fund. It even hedged its bets by launching a Wireless Fund.

The giant Boston-based manager Fidelity has some reach, but only through its distribution agreement with Standard Bank and then Stanlib. Now Stanlib has a strong alliance with Columbia Threadneedle, sometimes pushy growth managers. Coronation wasted time in the fringe world of hedge funds before going on a dual strategy of long-only funds of funds and building its own direct global management team in Cape Town...

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