There has been a recovery in the year to date on the JSE, and if you had opted for a Satrix all share index (Alsi) tracker the return would have been a healthy 11.6%. But if you had invested in the passive fund that tracks the index favoured by most investment consultants, the capped shareholder weighted index (capped Swix), your return would have fallen to 7.8%. But you could have asked for your money back if you had invested in the Satrix "Quality" Index Fund, which gave a return of barely 5%. And while many active funds took the view that banks offered the best value for money, the sector had a muted return of less than 6%: ironically, it was "overpriced" Capitec that gave a return of more than 20%. It was cyclical shares such as Anglo Platinum that were up close to 40%. Naspers and British American Tobacco (BAT) made up most of the ground they lost last year, up more than 25% from their lows. It was not a good time to be in high dividend strategies. The passive CoreShares Divide...

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