Message from Bruce Cameron
Editor,
Personal Finance
1
The unit trust industry has proved that it can provide a versatile, comparatively
low cost, easily understandable investment vehicle suitable for the investment
needs of most individuals. This is increasingly recognised by policymakers,
regulators and most importantly the investing public.
Financial advisers, in terms of the Financial Advisory and Intermediary
Services Act, are obliged to give appropriate advice. That means a unit trust
fund should be on every menu of investment choices offered to an investor.
The Raging Bull Award ceremony continues to play a significant part in
helping focus the attention of investors on the industry. Personal Finance is
proud to be associated with Plexus and ProfileData for the Raging Bull Awards
and the role the awards play in stimulating investor interest.
My thanks go to everyone who has been associated with the Raging Bulls
and my congratulations to all those people and institutions who have achieved
excellence in the management of the savings of ordinary South Africans.
Personal Finance is an Independent Newspapers publication included in
the Saturday Star and Pretoria News Weekend in Gauteng, the Saturday
Argus in the Western Cape and the Independent on Saturday in KwaZulu/Natal.
Personal Finance has more than 500 000 readers every week. Personal
Finance, the quarterly magazine, has a circulation of more than 25 000 and
170 000 readers.
Message from Nic Oldert
Managing director,
ProfileData
ProfileData, an anchor sponsor and statistics provider for the Raging Bull
Awards, is proud to have been involved with these awards for the past six
years.
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The prestigious Raging Bull Awards highlight the achievements of the fund
managers, working as individuals or in teams, who labour behind the scenes
to create the investment returns on which this industry depends. These awards
are the premier showcase for the outstanding stars of a highly competitive
industry - to win a coveted Raging Bull Award managers must beat the best
of the best.
The Collective Investment Schemes (CIS) industry leads the way in
transparency and cost-effective investment products. It is not too much to
say that the CIS industry is playing a pivotal role in transforming the investment
habits of South Africans and changing the shape of the contractual savings
industry. Our congratulations to all winners of awards and certificates.
The Profile Group provides financial markets' data, reference products and
services through its two main operating subsidiaries, ProfileData and Profile
Media. ProfileData supplies unit trust data, statistics and services to a wide
range of users in the CIS industry.
Message from Dr Prieur du Plessis
Managing director of Plexus group of companies
and director of PlexCrown Fund Ratings
Investment houses use different performance measures to illustrate how well
their collective investment scheme funds have performed, and investors, financial
advisers, portfolio managers and the media are inundated with a continual barrage
of these statistics.
3
Plexus Research & Surveys has recognised the need for a system whereby the
different quantitative measures used in calculating investment performances are
all encompassed in one simple number in an unbiased and completely objective
manner. This has culminated in the PlexCrown ratings used as the basis for the
Raging Bull risk-adjusted sector and management company awards.
The easy-to-use PlexCrown rating system enables investors to know at a glance
how a fund has fared over time compared to other funds in the same Association
of Collective Investments (ACI) category on a risk-adjusted return basis.
Investment houses are also awarded PlexCrown ratings based on the ratings
of their underlying funds, as the ratings of the various funds of an investment
house give an excellent indication of the quality of the investment team, investment
processes, and success of their strategies relative to the risks assumed.
The PlexCrown ratings therefore assist investors, financial advisers and portfolio
managers in determining an investment house’s investment competence in the
various ACI categories and on a composite basis.
Plexus is proud to have been associated with the Raging Bull Awards since
inception 11 years ago and to have played a role in lauding investment excellence
and assisting investors with making informed investment decisions.
Programme
Master of ceremonies: Bruce Cameron, Personal Finance
Raging Bull and certificate presentation - Straight performance
Starter
Raging Bull and certificate presentation - Risk-adjusted
Main Course
Guest speaker: John Mauldin
President, Millennium Wave Investments LLC
“Challenges for the global investment management industry”
John is President of Millennium Wave Investments, a US-based investment advisory
firm, and was previously Chief Executive Officer of the American Bureau of Economic
Research. As a recognised expert on, and a leader in, the field of investment issues,
he is primarily involved in investment strategy and private money management.
He is a prolific author and editor of the popular Thoughts from the Frontline weekly
e-letter with 1.5 million subscribers, and also a frequent guest on CNBC and Bloomberg
TV and a regular contributor to leading American financial publications.
Both his books, Bull's Eye Investing and Just One Thing, have been on the
New York Times best-seller list.
Presentation of Raging Bull Awards for Top Performing Companies
Dessert
Entertainment: Nianell
Nianell, is a singer, songwriter and musician.
Her three albums have each achieved Gold status in Southern Africa
and in 2005 Nianell earned two South African Music Awards.
Coffee and tea served on request
4
Menu
Roasted Vegetable Tart
with Green Pesto glazed with Mozzarella Cheese
Served on a Salad of Rocket and Watercress in Olive Oil,
Balsamic Vinegar and Honey Sweetened Dressing
❉
Baked Chicken Breast
in a creamy Coconut, Lemongrass and Coriander Sauce
on a Chickpea and Butternut Purée served with Basmati Rice
and sautéed young Green Beans
❉
5
Green Tea Crème Brûlée
with whipped Cream and cracked Sugar
❉
Coffee and tea on request
❉
Wines
Warwick Chardonnay 2006
Warwick Three Cape Ladies 2003
❉
Raging Bull Awards
Introduction
The Raging Bull Awards recognise the stars of the unit trust industry in terms
of top outright performers, best risk-adjusted performers, and best unit trust
management companies. The awards cover domestic (SA-domiciled) and
offshore (FSB-approved non-SA-domiciled) funds.
Awards for asset-specific sectors are based mainly on straight performance
calculated by ProfileData. For asset allocation sectors, where risk-management
is a major factor, awards are based mainly on the PlexCrown system.
This booklet lists all certificates
dinner.
and awards
presented at the gala
Notes:
1. Funds must be available directly to retail investors to be eligible for awards and
certificates.
2. In the case of straight performance awards for domestic funds (including SA-domiciled
foreign funds), sectors that have at least five actively managed funds with a history
of three years or more are included.
3. In the case of straight performance awards for offshore funds, sectors that have at
least 12 actively managed funds with a history of three years or more are included.
4. Risk-adjusted awards are presented in major asset allocation sectors, domestic and
offshore, and the larger ACI sectors. Domestic and foreign (SA-domiciled) sectors that
have at least five actively managed funds with history of five years or more are included.
5. Passive, or index tracker, funds are not included in the awards as their performance
reflects market movements rather than fund manager expertise.
6. There are no awards for money market funds because of the limitations placed on
them in terms of duration and the types of instruments allowable.
7. There are no awards for varied specialist funds as their mandates and investment
objectives are not necessarily comparable.
8. Funds that have changed categories during the past year (even if they have been
allowed by the ACI to retain their performance history) are not eligible for awards.
9. To be eligible for an award or certificate, an offshore fund must have been registered
with the FSB for at least a year.
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Top Outright Performers
These awards recognise the top performers in asset and sector-specific ACI
categories plus the main asset-allocation sectors. Straight performance is
used because stock-picking is often the most important factor in these
categories with risk predominantly a factor of the asset class or sector.
Methodology
Funds are ranked on a three-year lump-sum NAV-to-NAV basis (ie, entry costs
are not taken into account) with income distributions reinvested at the ex-div
date. Calculations by ProfileData.
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Best Broad-Based Domestic Equity Fund
The fund with the highest ProfileData total investment return ranking
over three years in the ACI Domestic Equity General, Value and Growth
sectors
Prudential Dividend Maximiser
Best Domestic Equity General Fund
Prudential Equity (previously Prudential Optimiser)
Best Domestic Equity Growth Fund
Nedbank Growth (A)
Best Domestic Equity Industrial Fund
Sanlam Industrial (R)
Best Domestic Equity Financial Fund
Old Mutual Financial Services
10
Best Domestic Equity Resources & Basic Industries Fund
Old Mutual Mining and Resources
Best Domestic Equity Smaller Companies Fund
Sanlam Small Cap (R)
Best Domestic Equity Value Fund
Prudential Dividend Maximiser
Best Domestic Asset Allocation Flexible Fund
Absa Flexible
Best Domestic Asset Allocation Prudential Fund
Includes the Prudential High Equity, Medium Equity and Low Equity sectors
Foord Balanced
Best Domestic Fixed Interest Fund
The fund with the highest ProfileData total investment return ranking
over three years in the ACI Domestic Fixed Interest Bond and Income
sectors
Stanlib Bond (A)
Best Domestic Fixed Interest Bond Fund
Stanlib Bond (A)
Best Domestic Fixed Interest Income Fund
Stanlib Income
Best Domestic Real Estate Fund
Fidentia Ayanda Property Equity
8
Best Foreign (SA-Domiciled) Equity Fund
The fund with the highest ProfileData total investment return ranking
over three years in the ACI Foreign Equity General sector
Stanlib European Fund of Funds
Best Foreign Fixed Interest Bond Fund
Old Mutual Global Bond Feeder
Best Offshore Global Equity Fund
The fund with the highest ProfileData total investment return ranking
over three years in ProfileData's Offshore Global Equity General sector
Investec GSF Global Strategic Value Fund
Best Offshore Europe Equity General Fund
Aviva Funds European Convergence Equity Fund
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Best Offshore Far East Equity General Fund
Stanlib Offshore Australia Fund
Best Offshore Japan Equity General Fund
Orbis Japan Equity Fund (Euro Class)
Best Offshore USA Equity General Fund
Franklin Mutual Beacon Fund
Best Offshore Global Fixed Interest Bond Fund
Aviva Funds Global Convertibles Fund
Top Risk-Adjusted Performers
These awards recognise the top performers in the asset allocation and real
estate sectors plus the largest other ACI sectors based on market cap. The
PlexCrown system, which incorporates risk-adjusted returns and consistency
of performance, is used to rank funds for these awards.
Methodology
The PlexCrown system combines risk-adjusted returns based on performance
statistics from ProfileData with standard risk measures, consistency measures,
and measures of downside risk and managerial skill. Performance over fiveyear, three-year and one-year periods is taken into account (except for
Domestic Real Estate where only three-year and one-year periods are used
because it is a relatively new sector).
Best Domestic Asset Allocation Flexible Fund
The fund with the highest PlexCrown ranking over five years in the ACI
10
Domestic Asset Allocation Flexible sector
Fraters Flexible Fund
Best Worldwide Asset Allocation Flexible Fund
Flagship Worldwide Flexible Fund
Best Foreign Asset Allocation Flexible Fund
Stanlib International Aggressive Fund of Funds
Best Domestic Asset Allocation Prudential Fund
The fund with the highest PlexCrown ranking over five years in the ACI
Domestic Asset Allocation Prudential High Equity, Medium Equity and
Low Equity sectors
Oasis Balanced Fund
Best Domestic Asset Allocation Prudential Medium Equity Fund
Oasis Balanced Fund
Best Domestic Asset Allocation Targeted Absolute and Real Return Fund
Coronation Capital Plus Fund
Best Domestic General Equity Fund
The fund with the highest PlexCrown ranking over five years in the ACI
Domestic Equity General sector
Fraters Earth Equity Fund
Best Domestic Fixed Interest Bond Fund
Stanlib Bond Fund (A)
Best Foreign Equity General Fund
Stanlib European Fund of Funds
11
Best Real Estate Fund
The fund with the highest PlexCrown ranking over three years in the
ACI Domestic Real Estate General sector
Oasis Property Equity Fund
Best Offshore Global Asset Allocation Fund
The fund with the highest PlexCrown ranking in ProfileData's Offshore
Global Asset Allocation sector
Sarasin CI GlobalSar Sterling Balanced Fund
Best Offshore Global Fixed Interest Bond Fund
Lloyds TSB Offshore Gilt Fund (Monthly B Shares)
Top Management Companies of the Year
These awards recognise the unit trust management companies with the most
impressive and most consistent overall performance across their families of
funds taking into account all factors (performance, risk-management and
consistency). Awards are presented to the top performing domestic
management company (SA domiciled) and the top performing offshore (nonSA-domiciled FSB-registered) management company.
Methodology
The award is based on the highest average PlexCrown rating for the suite of
funds managed by each management company. Passive funds and funds in
non-ranked sectors (eg, varied specialist sectors) are not taken into
consideration.
Domestic Management Company of the Year
This award recognises the SA-domiciled management company with
the best overall performance across sectors consisting of a suite of five 12
or more rand-denominated funds with at least three years’ history.
Oasis
Domestic Management Company of the Year – 2nd Place
Coronation
Domestic Management Company of the Year – 3rd Place
Investec
Offshore Management Company of the Year
This award recognises the overseas -domiciled management company
with the best overall performance across sectors consisting of a suite
of five or more non-rand-denominated funds with at least three years’
history.
Investec