This billion-rand fund is the most benchmark-cognisant fund we are reviewing, perhaps alongside Old Mutual. You would have to look the Prudential enhanced property index fund to find a closer replication. The largest holdings are Growthpoint, Redefine, New Europe Property Investments, Resilient and Hyprop, all in their different ways the blue chips of the sector. Fortress B, Vukile, Arrowhead, Fortress A and SA Corporate round out the top 10.It certainly doesn’t sell itself as a closet index manager — the managing troika of Mohamed Kalla, Kundayi Munzara and Evan Jankelowitz were all schooled in large houses and had the options to run higher-profile funds before. Jankelowitz says Sesfikile is committed to capping the size of the fund to ensure that there will still be an opportunity to outperform the property index. It is likely to follow the more comprehensive all-property index. This will include Capital & Counties and Intu, which previously made up Liberty International, as well ...

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