The portfolio marginally under performed its benchmark during the quarter, however was ranked in the top quartile of funds listed in the Domestic Asset Allocation Prudential category for the three, six and twelve months respectively. Performance commentary on the current 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 (25%), Standard Bank Multi-Manager Bond Fund (25%) and the Standard Bank Multi-Manager Income Fund (50%).

By investing in these funds, the Standard Bank Multi-Manager Low 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.