Page 168 - Profile's Unit Trusts & Collective Investments - March 2026

Chapter 9 Fund manager interviews

Comment on the year ahead and, if possible, estimate the performance of your fund over 2 or
3 years. What are your targets and objectives for the year ahead?
We believe it is more helpful to frame expectations in terms of risk budgets rather than point
estimates of market returns.
Markets are complex adaptive systems. Even well-reasoned forecasts can unravel quickly,
and the empirical evidence for consistent success in market timing remains limited. Rather than
attempting to predict outcomes, we focus on building portfolios designed to remain robust across a
range of scenarios.
Over two to three years, outcomes will largely reflect underlying asset class risk premia and
the benefits of disciplined diversification. Our objective remains consistent: deliver returns
commensurate with the risk level agreed with clients over a full market cycle.

Are equity markets in general overpriced? Do you anticipate a significant correction?
Valuations vary meaningfully across regions and sectors. Rather than making broad directional
calls, we assess assets in relative terms and within the context of total portfolio risk.
Our portfolios are constructed to withstand changing conditions rather than depend on a single
macro outcome. Attempting to call turning points often introduces behavioural and implementation
risk that outweighs potential benefit.
Which asset classes do you expect will give the best total rates of return over the next few
years?
Different asset classes assume leadership at different times. Predicting near-term leadership is
difficult and often distracts from what matters most: maintaining disciplined diversification.
By spreading exposure across multiple independent return drivers, portfolios are less reliant on
any single asset class outcome. This approach may appear less dramatic in the short term, but it is
structurally more resilient over time.
Could you identify three shares that fall within your universe that you think will perform well
in the medium term?
As multi-manager portfolio constructors, we express conviction through carefully selected
specialist managers rather than individual stock calls.
Our role is not to promote isolated ideas, but to integrate skilled managers into a coherent portfolio
framework that remains aligned to risk objectives. It is this combination of specialisation, structure
and partnership that underpins the outcomes for which we have been recognised.
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PSG Equity Fund
Sector: South African–Equity–SA General Unit Trust
Portfolio managers: Shaun le Roux and Mikhail Motala Awards
Benchmark: Composite 80% FTSE/JSE Capped SWIX All Share Net TRI, For performance to 31 December 2025
2026
WINNER
20% MSCI Daily TR Net World USD Index
Returns to investors 1 year 3 years
PSG Equity Fund 35.24% 19.64%
Sector Average 30.32% 16.49%
Inflation (CPI) 3.60% 3.91%
ProfileData performance stats to 31 December 2025: CAGR with dividends reinvested
Describe your investment universe
The PSG Equity Fund invests in global and domestic equities. There is a 45% limit on direct global
equity ownership.

166 Profile’s Unit Trusts & Collective Investments March 2026