The portfolio out performed its benchmark during the quarter and previous twelve months, however it under performed the average of its peers in the Domestic Asset Allocation Prudential category as a result of its high relative equity content. Performance commentary on the asset managers employed can be derived from the comments of the underlying asset class building blocks into which this fund invests, namely the Standard Bank Multi-Manager Equity Fund (75%), Standard Bank Multi-Manager Bond Fund (20%) and the Standard Bank Multi-Manager Income Fund (5%).

By investing in these funds, the Standard Bank Multi-Manager High Equity Fund of Funds inherits a multi-manager investment philosophy that combines asset managers with complimentary investment styles. As a result, the investor achieves a level of manager diversification that would not have been economical on his /her own.

The diversification qualities of the portfolio lead to more consistent returns over time and lower levels of risk.