When choosing a fund that invests across asset classes, should investors look for one that is tactical and aims to maximise their returns by increasing or reducing their exposure to the different asset classes depending on its outlook for equities, bonds, property and cash, or is it better to go with a fund that sticks to a set allocation to the asset classes? Tactical asset allocation managers were challenged on two platforms at the Investment Forum conferences organised by the Collaborative Exchange and held in Cape Town and Johannesburg this week. In a panel discussion on asset classes, Brandon Zietsman, CEO of PortfolioMetrix, an investment manager which runs risk-profiled portfolios for leading financial advisers, said multi-asset funds are important because many South African investors have their retirement savings in them. Building blocks PortfolioMetrix analysed funds in the Association for Savings and Investment South Africa multi-asset high-equity category and found an ave...
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