Page 167 - Profile's Unit Trusts & Collective Investments - March 2026

Fund manager interviews Chapter 9

introduces the need for a more disciplined and structurally restrictive framework, which should
anchor long-term expectations, but may limit the speed and magnitude of further cuts.
If inflation remains contained and consolidation efforts stay on track, gradual additional easing
could support some more curve flattening over time. However, the path will remain data-dependent,
with global trade dynamics and currency stability key variables to monitor.
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PortfolioMetrix BCI Moderate Fund of Funds
Sector: South African–Multi Asset–Medium Equity Unit Trust
Awards
Portfolio manager: PortfolioMetrix Asset Management 2026
Benchmark: ASISA SA Multi Asset Medium Equity category average For performance to 31 December 2025
WINNER
Returns to investors 1 year 3 years
PortfolioMetrix BCI Moderate Fund of Funds 20.66% 16.76%
Sector Average 17.75% 13.91%
Inflation (CPI) 3.60% 3.91%
ProfileData performance stats to 31 December 2025: CAGR with dividends reinvested

Describe your investment universe
Our investment universe is global and deliberately diversified across major asset classes,
including equities, fixed income, property and alternatives. The opportunity set today is broader and
more specialised than it was a decade ago, and portfolios need to reflect that reality.
We focus on liquid, transparent structures suitable for daily-dealing portfolios, avoiding exposures
that may compromise flexibility or client suitability.
Our universe is not driven by themes or short-term narratives. It is built around constructing
resilient portfolio solutions aligned to clearly defined risk mandates.

Comment on your investment year (January – December 2025) from a fund manager’s point
of view
The calendar year 2025 reinforced how quickly market narratives can shift and how dispersion
between regions and sectors can widen. In such an environment, managing complexity becomes as
important as analysing it. Despite a challenging environment the fund delivered 20.7% compared to
the peer average of 18% over the calendar year.
Our focus was not on anticipating short-term moves, but on maintaining portfolio alignment to
long-term strategic allocations. Where volatility created drift, disciplined rebalancing restored
intended risk levels and harvested diversification benefits.
Performance recognition is gratifying. More important is that portfolios remained coherent,
diversified and aligned with their objectives throughout the year.
In terms of risk management, what methods or strategies are you able to use to protect your
clients’ investments?
Risk is the independent variable in our process. Returns are the outcome; risk is the input.
We manage risk primarily through strategic asset allocation, broad diversification across
independent return drivers, and continuous monitoring under formal governance structures. In a
world of increasing complexity, structure and discipline are essential.
We avoid large macro positioning and aggressive market timing, as these approaches are difficult
to execute consistently. Instead, we aim to absorb complexity into robust portfolio design so advisers
and institutional investors can remain focused on long-term objectives.
Protection does not mean eliminating volatility. It means ensuring risk taken is deliberate,
diversified and appropriate to mandate.

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