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James Gubb
New era dawns for local investor... Bleeding the rich to balance the book... Receiver is eyeing trusts, but they're s... Take-home pay is dragged dow... Retirement fund members get a year's gra... UNIT TRUSTS:Southern Pure Specialis... A clothing line that is a cut above the ... Some perks survive the taxman's attac... Medical aid savings loophole to be plugg... |
UNIT TRUSTS:Southern Pure Specialisttempered by our orientation toward shares which offer compelling value. During a strong market fall our selection is likely to perform relatively well given the value bias.VIEW ON PAST PERFORMANCE: Despite the limitations placed on the fund it has beaten the average return of general equity unit trusts handsomely over the comparable periods. This outperformance is derived from a policy of being fully invested in the market at all times and being merciless in selling shares that are not performing. THE FUTURE: We expect an improvement of absolute returns during 1997 as foreign investors, who are substantially underweight in South Africa in their emerging market portfolios, start increasing their weightings. If one adds to this the relatively positive monetary and fiscal environment that we expect over the next year, as well as the moderately rated market, then a strong case can be made for improved equity and bond markets. For investors who are bound by religious, ethical or moral reasons to invest their money within certain parameters, this tailor-made fund has performed surprisingly well against the average of general equity funds. The good performance is a result of firm management, share selection and a high equity exposure. But the restrictions on this "ethical" fund's portfolio are considerable and returns will be lower than those which are similarly managed. Leigh Roberts 3/97 Top of page
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