Boutique unit trust fund manager Fairtree Capital is top of the latest Morningstar survey of asset managers, beating favourites Allan Gray, Coronation, Foord and Investec. This is the second quarter Fairtree has led the manager rankings since it qualified for inclusion in the survey at the end of the previous quarter, says Matthew Mellors, head of business operations at Morningstar. The survey ranks managers on the basis of the Morningstar "star" ratings achieved by all their qualifying funds. Rankings on risk-adjusted returns take into account not just the returns a fund achieved relative to its peers or a benchmark, but also the risk the fund took to achieve those returns relative to the other funds in the same subcategory. If a manager has at least R5-billion under management and three funds with star ratings, it is included in the manager survey. To determine the average rating for a manager, the ratings for each fund in the manager's suite of funds is averaged either on an equa...
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