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• “Greece represents a tiny fraction of the global debt crisis.” • “Japan is living on borrowed time.” • “ISIS is intent on accelerating its campaign of terror.” • “SA equity funds failed to outperform their benchmarks.”
Even though the small cap sector forms the bulk of the JSE in terms of number of shares, it comprises only 3.5% of our stock exchange’s market capitalisation. Top quality companies with exceptional business models reside in the small cap universe, but most established unit trust funds are too large to hold a meaningful stake in a small cap company without breaching unit trust regulations.
In a world of anaemic interest rates and market volatility experienced across the globe, investors and fund managers are taking a long hard look at themselves in an effort to find that elusive alpha which is hard to come by.
In the latest Alexander Forbes Large Manager Watch survey, the SIM Moderate Equity fund garnered top ranking against all other large managers over the past 7 years.
The strongest deterrent against FSP compliance missteps is or should be: