*This verbalize material is introduced to you by Corion Capital
By Anthony Hall
The quote that is normally attributed to Benjamin Disraeli – “Lies, rattling lies and statistics” – is a warning that statistics can assuredly be broken-down to lie to. Corion Capital is therefore regularly cautious of discovering out too unheard of into the non eternal performance of fund managers. 12-month performance must indubitably be categorized as such. Despite this, it is a ways also main to acknowledge that though it is a ways non eternal in nature, there were some stand-out performances from fund managers in 2021.
Yet another reason to celebrate 12-month performance is that fund managers maintain particular kinds which expose to be cyclical in nature. When their model is out of favour and performance suffers, and they rob a quantity of criticism. Attributable to this truth, when the cycle turns, it is a ways equally main to give the managers which maintain stayed the course their dues. In this gentle, Corion Capital is jubilant to point of curiosity on the next managers that are “prime of their class” in 2021 of their respective ASISA courses.
Table of Contents
SA Current Equity
- Investec Wealth & Investment BCI Dynamic Equity Fund – 60.2%
The Investec Wealth & Investment BCI Dynamic Equity Fund is managed by Barry Shamley. Even when the fund’s benchmark is the FTSE/JSE Capped SWIX All Share, its dimension and funding philosophy mean that it has the flexibility and willingness to speculate otherwise to its benchmark. At the same time as the fund can invest throughout the elephantine spectrum of the market, it is a ways anticipated that the fund might well well maintain main exposure to the itsy-bitsy and mid-cap web site (or as they value them, emerging corporations). This assuredly under-researched segment of the market has battled over time but came ultimate in 2021 pushed by corporate exercise and the market finally realizing that there turned into distinctive impress to be had in these shares. What makes the fund’s performance even more spectacular over the final 12 months is the model wherein it has outperformed its peers who point of curiosity on this segment of the market as measured by the ASISA SA Equity Mid/Tiny Cap category.
SA Multi Asset Excessive Equity
- Aylett Balanced Prescient Fund – 39.5%
Managed by Walter Aylett and Dagon Sachs, the Aylett Balanced Prescient Fund is a broken-down bottom-up study pushed fund that strives to “purchase ultimate asset which maintain some pricing energy … and to make certain that one does no longer overpay for them.” The fund benefitted in 2021 from its stock picking skill in each and each native and offshore shares (world sectors like energy).
Their decision to preserve invested in ultimate-searching South African stocks post the ‘Covid give way’ turned into more than vindicated by subsequent performance – and in certain circumstances corresponding to with Royal Bafokeng Platinum, the onset of the Covid-19 pandemic supplied them with main more than a few to add to stocks that they already owned at good purchase-basement prices. As well, no longer like most of their peers, their decision no longer to pick out Naspers and Prosus over the final year has confirmed to be lawful on a relative foundation.
What currently does stand-out when evaluating this fund to lots of the more than a few funds within the ASISA category is the very best cash retaining within the fund – a case of dry-powder for opportunities that will point to themselves within the near future.
SA Multi Asset Low Equity
- Counterpoint SCI Stable P&G Fund – 28,7%
The Counterpoint SCI Stable P&G Fund took elephantine again of the performance in likelihood assets within the course of 2021 with its high allocation to equity and listed property versus its peers. The fund is allowed to maintain a maximum exposure of 65% to such assets (40% to equity and 25% to listed property) and has been near this limit at events within the course of 2021.
For a Low Equity Fund, working this high an allocation to likelihood assets is severely extraordinary but whereas you acquire it ultimate, as they did, it works spectacularly. The fund is managed by Ian Anderson & Richard Henwood – each and each maintain extensive experience within the listed property web site and therefore a skill clarification for the elevated than survey allocation to such.
This might well occasionally seemingly perchance nonetheless be unfair to most efficient highlight their asset allocation for his or her mountainous year. Counterpoint as a condo had a extremely ultimate stock picking year pushed by an overweight in itsy-bitsy corporations. Namely, investments in Thungela, Grindrod Transport, Aveng and Lewis (native furnishings retail).
SA Multi Asset Flexible
- Flagship IP Flexible Label Fund – 54.1%
Niall Brown, who manages the Flagship IP Flexible Label Fund, has regularly been identified as a contrarian impress investor. Niall will pay little regard to the index when brooding about stock preference and concentrates on figuring out stock particular or thematic areas of undervaluation. This resulted in a colossal weighting in brushed off itsy-bitsy caps that had been procuring and selling at distressed valuations, e.g. Nampak, Lewis Neighborhood, Novus and York Timbers. These four counters maintain all trebled and even quadrupled from their 2020 lows.
A secondary theme which started playing out within the 2d half and benefited the fund’s performance in 2021, turned into that of searching out for out into ultimate quality funding retaining corporations procuring and selling at abnormally wide discounts e.g. Zeder, African Rainbow Capital and Brait.
Worldwide Flexible Equity
- Blue Quadrant Worldwide Flex Prescient Fund – 129%
It’s miles terribly ultimate what a incompatibility a year can fabricate. After a disappointing 2020, the Blue Quadrant Worldwide Flexible Prescient Fund has been making waves in 2021 to your complete ultimate causes. The fund is managed by Leandro Gastaldi who employs a deep impress concentrated macro-thematic capacity and one in all his gargantuan bets, energy stocks, has pushed the performance of the fund to contemporary heights.
The fund is calm comparatively itsy-bitsy and due to the this, is tantalizing to be very actively managed. Blue Quadrant maintain little regard for a capacity their peers are positioned and looks to maintain less challenge about sector likelihood or the consequent volatility. Over the final three years, their fund has consumed a staggering two and half events the likelihood (as measured by long-established deviation) when in contrast with its benchmark. Nonetheless, whereas you rob a quantity of likelihood and then acquire your positioning space on it outcomes in very ultimate outcomes. With a return of 129% for 2021 (roughly 3 events the 2d-most efficient fund within the category), this fund no doubt turned into the standout fund of the year.
World Equity
- ABSA World Core Equity Feeder Fund – 35.8%
The ABSA World Core Equity Feeder Fund is a home feeder fund that invests within the Schroder World Prefer Fund QEP World Core Fund. Even when the Schroder ISF QEP World Core has precise likelihood controls which limit the index tracking likelihood (benchmark is the MSCI World), the fund calm does rob some active tilts in response to cost and quality components which benefited the fund’s performance in 2021 as impress finally outperformed assorted equity components corresponding to negate.
What turned into very attention-grabbing to record when analysing the fund turned into that no longer just like the winners of the more than a few courses mentioned above, this fund had no outrageous bets through sectors or regions relative to its benchmark. On this foundation, almost definitely the more than a few stand out fund of 2021?
(Visited 1,651 events, 15 visits nowadays)
