<strong>By: <span lang="EN-US">S&P Dow Jones Indices</span></strong>

<span lang="EN-US">S&P Dow Jones Indices (S&P DJI) has released the SPIVA® South Africa Scorecard Mid-Year 2019 results. This semiannual report tracks the performance of South African domiciled actively managed funds against their relevant S&P DJI benchmarks over a one-year period ending June 30, 2019.</span><span lang="EN-US"> <u></u><u></u></span>

<h3><u></u><b><span lang="EN-US">The SPIVA® South Africa Scorecard Mid-Year 2019 highlights include:</span></b><span lang="EN-US"> <u></u><u></u></span></h3>

<h4><u></u><b><span lang="EN-US">Equity</span></b><span lang="EN-US"> </span><u></u><u></u></h4>

<ul>

<li><u></u><span lang="EN-US">Over 62% of actively managed South African equity funds and 89% of global equity funds failed to beat the <b>S&amp;P South Africa DSW Capped Index and S&amp;P Global 1200 Index </b>respectively;<b> </b></span><span lang="EN-US"> </span><u></u><u></u></li><li><u></u><span lang="EN-US">During the three- and five- year period, the percentage of actively managed South African equity funds underperforming the <b>S&amp;P South Africa DSW Capped Index</b> was 53% and 74% respectively;</span><span lang="EN-US"> </span><u></u><u></u><span lang="EN-US"><u></u> <u></u></span></li><li><u></u><span lang="EN-US">For the actively managed global equity funds, over the three- and five- year periods the number of actively managed global equity funds underperforming the <b>S&amp;P Global 1200</b> increased to 90% and 97% respectively.</span><span lang="EN-US"> </span><u></u><u></u></li>

</ul>

<h4><u></u><b><span lang="EN-US">Bonds </span></b><span lang="EN-US"> </span><u></u><u></u></h4>

<ul>

<li><u></u><span lang="EN-US">82% of actively managed <b>Diversified/Aggregate Bond funds</b> underperformed the S&amp;P South Africa Sovereign Bond 1+ Year Index. Over three- and five- years, this number is 74% and 70% respectively;</span><span lang="EN-US"> </span><u></u><u></u></li><li><u></u><span lang="EN-US">Conversely, 94% of actively <b>Short-Term Bond funds</b> beat the </span><span lang="EN-US">STeFI</span><span lang="EN-US"> Composite Index over the one-year period.</span><span lang="EN-US"> </span></li>

</ul>

<strong>Download and view the Semiannual report <a href="https://www.cover.co.za/wp-content/uploads/2019/10/spiva-south-africa-mid-year-2019.pdf" target="_blank" rel="noopener noreferrer">HERE</a></strong>