Manager Research

We provide detailed institutional-quality global investment manager research and fund ratings. Based in South Africa and the UK,
all members of our manager research team have over ten years of investment experience.

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Cadiz Absolute Yield Fund rating change
29 Aug 2014
We have decided to change the rating for the Cadiz Absolute Yield Fund from a Tier 1 to a Tier 2 fund.  While we still believe that the fund is managed by a high quality team with a solid investment process, our concerns relating to the business are material enough that we believe Tier 2 is the...
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Changes to the SIM Global Best Ideas Fund
25 Aug 2014
SIM has changed the portfolio manager on this fund after a period of underperformance made them question the nature of the fund vs what clients were expecting.  There were two inherent biases in the fund:  financials and emerging markets.  This caused the fund to have high volatility ...
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Changes to the process behind Allan Gray Optimal
19 Aug 2014
Allan Gray have made a significant change to the investment process behind the Allan Gray Optimal Fund.  When we first rated this fund in 2013 we struggled to reconcile the low investment objective with the high fee. This aspect has been dealt with through an increase in the performance target,...
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Update on Coronation Capital Plus Fund manager change
3 Aug 2014
At the start of 2014, Louis Stassen moved from being responsible for the absolute return strategies at Coronation to start the process of building a Global Equity team and track record.   Charles de Kock has taken over the management of the Coronation Capital Plus Fund, in addition to cont...
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Kagiso's investment team expands
24 Jul 2014
There have been significant changes to Kagiso’s investment team over the last year with 7 new arrivals and the departure of Ross Heyns, one of the investment analysts.  The majority of the new recruits join as Analyst Associates, a new role created in the investment team to assist the inv...
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REZCO adds analysts to their investment team
24 Jul 2014
Rezco have increased the size of their investment team by recruiting three junior analysts in late 2013.  Our view was that the business needed to broaden the investment team, and we see this as a positive step.  However, the analysts are not very experienced and need time to settle into t...
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Stanlib Property Income Fund - Experienced analyst leaves team
24 Jul 2014
Ndabe Mkhize, one of the experienced analysts, has left the Stanlib Property team to take up a role as deputy CIO at the Eskom pension fund.  His departure leaves a team of four including Chloe Ma, an inexperienced analyst who only joined the team in January 2014.    The team man...
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SIM Global Best Ideas Fund on our watch list
24 Jul 2014
When we initially rated this fund (Tier 3) it was performing well and the rating was an outlier in the minds of many clients.  Subsequently it has experienced very poor performance which has resulted in SIM repositioning the fund by restricting exposure to emerging markets (an inherent bias in ...
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Nedgroup Investments Global Equity - Veritas business update
24 Jul 2014
Veritas manage the Nedgroup Global Equity Fund, a Tier 1 rated fund.  Veritas has concluded a deal whereby they sell 65% of the business to AMG, a NYSE listed asset management business which invests in diversified investment boutiques.  This has been done to better provide for succession a...
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Foord business update
24 Jul 2014
The Foord International Trust has changed its offshore (USD based) benchmark to be a flat 10% per annum.  This is a unique benchmark in that it is not market linked (its previous benchmark was MSCI World).  We have tested this over a 35 year horizon, and the 10% target appears to be fair a...
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