Between the start of 2014 and the end of 2019, the FTSE/JSE All Share Index returned just 6% per annum. This is significantly below its long-term average of around 14%, and only barely higher than inflation. The first few months of 2020 have only compounded the bad news for local investors. Given global fears around the coronavirus, the JSE has been extremely volatile, falling back to 2013 levels. This has been an extremely difficult environment for local equity funds. But it has also been one in which skilled managers have demonstrated their worth.
Article by Patrick Cairns with insight by Gavin Wood – chief investment officer for Kagiso Asset Management.
view article