This fund has been given five stars by Morningstar. It has run with a successful blend of large and mid caps. Fund manager Fayyaz Mottiar has been an early adopter of Greenbay, which has invested in Portuguese shopping centres, but he also has some old warhorses in his fund such as Hyprop, Resilient, Vukile and SA Corporate. It is also a large holder of international property shares such as Echo Polska Properties (EPP) and Romanian-based New Europe Property Investments (Nepi) and the mainly German MAS Real Estate. He also likes Sirius, another German play, as it has some reliable tenants of its industrial parks such as subcontractors to Airbus.It looks for asymmetric returns when the pricing and structure is wrong. So the fund has not tended to hold Growthpoint but after the Nenegate affair in December 2015 it piled in and subsequently sold. Listed property has given a 14,3% return over the past 10 years ahead of equities (9.8%), bonds (8.1%) and cash (7.3%). But he says there is di...

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