Manager Research

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PSG Flexible Fund: Rating change from Tier 1 to Tier 2

25 Oct 2016

We have recently concluded a rating review of this fund and have changed the rating from Tier 1 to Tier 2.  To date the fund had been managed by Jan Mouton for almost 12 years, and has delivered on all of its objectives over this time. Over the past 12 months PSG have been looking to phase in new management of the fund as Jan Mouton leaves the business to focus on broader family interests.  The succession was not smooth, with a few false starts where Jan was initially going to chair the investment committee and thus remain involved.  Ultimately there was a clean break and it is now up to the new team to manage the fund.   Shaun le Roux and Paul Bosman have both been with PSG for decent periods of time, both since 2004 and have helped form the DNA of PSG's investment process with Paul managing asset allocation mandates, and Shaun managing equities.  Our reservations over the change are twofold:  Jan was previously a little more circumspect around new investment ideas and was a useful gatekeeper to the fund; secondly Paul and Shaun are untested across a flexible mandate, but have the base competencies to manage the fund well over time.  As such we prefer to take a more cautious approach until we have comfort that the team has settled in and there is evidence of decision making within the flexible fund framework.  Overall, we remain positive on the fund and recommend it to clients.