It has not been a roaring commercial success. It has just R365m under management. Van Vuuren says the fund is worth maintaining as investment trends can change. Just a handful of financial advisers still invest directly into it. But one day there could be a move away from one-stop multi-asset unit trusts back to building blocks. It will be well placed to take on small cap mandates if they come back into fashion.Its performance has been highly competitive in the four years in which Van Vuuren has been running the fund. She says some of the shares which have been the backbone of the fund’s performance have had a disappointing year. Curro, for example, is down 17% in the year to date.The largest position in the fund, Bowler Metcalf, was down 14% just in the third quarter. She argues that it has released a commendable result in a low-growth environment. As well as its plastics business, Bowler Metcalf has the number-two soft drink business in SA, after combining Jive with the Coo-ee bus...
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