Allan Gray, Investec take PlexCrown honours

The PlexCrown Fund Ratings’s coveted Raging Bull Management Company of the Year Award once again went to Allan Gray, which emerged as best investment manager in the March quarter, despite some weaker performances in certain asset classes over the past 12 months.

Allan Gray scored 4,750 PlexCrowns out of a possible Five — way ahead of competitors Prudential (with 3,917), Nedgroup Investments (3,656) and Coronation (3,458).

Ratings are done over a five-year period and weak short-term relative performances don’t necessarily show up in the ratings, though this will soon change, according to Ryk de Klerk, executive director of PlexCrown Fund Ratings.

De Klerk says Allan Gray’s top spot in the overall domestic management company ratings (rand-denominated funds) was achieved by its sharing the honours in domestic equity with Kagiso, and domestic fixed interest with Nedgroup. But its joint fifth position in domestic asset allocation was a weak spot. It did, however, win the top spot in overall foreign and foreign equity, and joint first in foreign and worldwide flexible with Foord.

Prudential did well to oust previous quarter’s runner-up, Nedgroup, to take second place. Its third position in overall domestic, joint first in domestic real estate, third spot in domestic equity and joint fifth in domestic asset allocation underscored its generally solid performance.

With regard to FSB-approved offshore funds, Investec took honours with an overall offshore rating of 4,267 PlexCrowns. It took the honours in both total fixed interest and global asset allocation, and achieved fourth position in total equity.

Global equities ended on a strong note during the first quarter, outperforming the domestic equity market by quite a margin. The MSCI World Index yielded a total return of 4,3% in dollar terms, trouncing the FTSE/JSE All Share Index’s lacklustre 1,1%. Top performing funds were Coris Capital International Value Fund of Funds (12,6%) and Marriott International Growth Feeder Fund (9,9%). SIM Industrial Fund topped the charts over 12 months with 22,4%.

The best fund over the past three-year period was the Marriott Dividend Growth Fund (17,7% a year), while Old Mutual Mining and Resources Fund A took the honours over five years, with 18,8% a year.