It is always dangerous to count out a fund manager based on recent performance. The most dramatic recoveries from the dead were probably Allan Gray and Foord after their dismal underperformance in the tech and small-cap bubble years of 1997 and 1998.

Until about 18 months ago, PSG seemed to be out for the count, sticking to underperformers such as AB InBev, Remgro and Glencore. Even Discovery, PSG’s largest holding, had a share price going nowhere, despite the strength of its brand and its pipeline of innovations...

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