Manager Research

We have concluded our review of the PSG fund range and have retained our rating. 

We remain broadly comfortable with the PSG business, which is strongly supported by the broader group. In recent years, John Gilchrist has taken on more responsibility in addition to portfolio management duties and is now the PSG CIO. We view these changes as positive based on our interaction with John and the broader team.

On the Balanced Fund, we have seen improvements in the process, particularly around risk management and portfolio construction. The fund’s portfolio manager, Justin Floor, continues to develop skills in managing this kind of mandate, although we would still like to assess the fund’s track record over a longer performance cycle. We also retain concerns over the global process, rated Tier 3, and still under development. For these reasons, we believe that a Tier 3 rating is appropriate.

Similarly for the Stable Fund, John Gilchrist and Dirk Jooste have only recently been appointed as Portfolio Managers. We would like to see how they settle into that role over a longer period.