The fund has a rather long name to distinguish itself from the direct Old Mutual Property business that owns the Rosebank Zone in Johannesburg and Cavendish Square in Cape Town. Fund manager Evan Robins is embedded in the MacroSolutions “boutique”, so his main job is running the property component of balanced funds. He says, however, that the dedicated property unit trust is much more diversified. The balanced funds have different buckets for local and predominantly international shares, while the unit trust includes both, and the blend is at the fund manager’s discretion.It has the holdings to be expected in a benchmark-aware fund, with a few large players — 22% of the fund is invested in Growthpoint, even though Robins admits he is “not very excited” about it. The other three holdings accounting for more than 7% each are Redefine, Hyprop and Vukile. The fund lives up to its SA tag, as there are only two internationally focused shares. Romania-based New Europe Property Investments ...

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