CORONATION
BALANCED PLUS
FUND AND
PRUDENTIAL
BALANCED FUND.
Over the last decade balanced
funds have become the preferred
investment vehicle for investors
in South Africa. Many people
have opted to leave their asset
allocation decisions to professional
fund managers.
Coronation Balanced Plus Fund
In
Out
Richemont
Coronation Africa Fund
Northam Platinum
Impala Platinum
Standard Bank Palladium
ETF
SABMiller
Multi-asset high equity funds have
become so popular that this is now
comfortably the largest unit trust
category in the country. Over a fifth
of all the money invested in local
collective investment schemes is in
these funds.
Steinhoff
The Coronation Balanced Plus Fund
and Prudential Balanced Fund are
two of the established long-term
performers in this category. And
gauging how they are allocating
their capital gives a good idea of
how some of the country's top
fund managers see the current
investment environment.
Coronation Global Emerging
Markets Fund
(See: Table 1)
What is interesting is that a lot of
activity in this fund has been in the
listed property sector. Coronation
has increased its exposure to
locally-listed international real
estate counters Capital & Counties
and Intu, as well as South African
companies Redefine and Attacq.
Overall, the weighting it gives to
listed property increased from
9.89% at the end of March last year
to 12.06% this year. Looking over
an even longer period, the fund has
grown its property exposure from
5.86% mid-way through 2013.
The fund has also re-jigged its
international equity holdings
somewhat by moving out of its
in-house Africa fund in favour of
increased exposure to emerging
and developed markets. Overall, its
foreign equity exposure increased
over the 12 months, most notably
through its Global Opportunities
Equity Fund. Coronation has had its
foreign equity exposure close to the
25% limit for some time.
Locally, it is worth noting that
the fund has sold out of Impala
28
ISSUE 4 – JULY 2015
Up
Down
Capital & Counties
MTN
Coronation Global
Opportunities Equity Fund
Intu Properties
Attacq
Redefine
Table 1, Source: ProfileData
Platinum in favour of Northam
Platinum. Northam has been one
of the few resource counters to
have avoided the slump in the local
sector. It is around 65% up over
the last three years. Impala, on B